An agreement to follow the memorandum will see the two firms become one in this region, with the Andersen name disappearing. In a joint statement both firms said the final merger was expected to be concluded ‘within a few weeks’.

The combined firm will employ in excess of 250 people with revenues reaching $10m (£7m) and will be led by Per Moller, managing partner of Andersen in the Baltics.

Speaking on the merger news, Moller said: ‘The declaration to merge the two firms will ensure continuous services of the highest standard to clients.’

Karl Johansson, regional partner or Ernst & Young Europe said his firm was ‘looking forward to this combination’.